Alpine Banks of Colorado announces financial results for fourth quarter and year end 2023

GLENWOOD SPRINGS, Colo., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the fourth quarter and the year ended December 31, 2023. The Company reported net income of $11.0 million, or $102.26 per basic Class A common share and $0.68 per basic Class B common share, for fourth quarter 2023.

Highlights in fourth quarter 2023 and the year ended December 31, 2023, include:

• Basic earnings per Class A common share decreased 6.1%, or $6.59, during fourth quarter 2023.
• Basic earnings per Class A common share decreased 24.3%, or $169.39, during the 12 months ended December 31, 2023.
• Basic earnings per Class B common share decreased 6.1%, or $0.04, during fourth quarter 2023.
• Basic earnings per Class B common share decreased 24.3%, or $1.13, during the 12 months ended December 31, 2023.
• Net interest margin for fourth quarter 2023 was 2.84%, compared to 2.87% in third quarter 2023, and 3.69% in fourth quarter 2022.
  

“December 31st marked the finale of the 50^th Anniversary Celebration for Alpine Banks of Colorado. We have been proud to serve the people of Colorado for the last fifty years and look forward to what comes ahead. Amid our anniversary celebration events and a challenging environment for all bankers, Alpine has been creating our Vision 2030 plan to guide us into the future,” said Glen Jammaron, President and Vice Chairman. “Alpine continues to benefit from a strong customer deposit base by operating as a true community bank. In fact, over 90% of our deposit funding is generated from within our local communities.”

Net Income
Net income for fourth quarter 2023 and third quarter 2023 was $11.0 million and $11.7 million, respectively. Interest income increased $0.5 million in fourth quarter 2023 compared to third quarter 2023, primarily due to an increase in volume in the loan portfolio and increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by decreases in volume in the securities portfolio and balances due from banks. Interest expense increased $1.7 million in fourth quarter 2023 compared to third quarter 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, partially offset by decreases in volume of other borrowings and deposit balances. Noninterest income increased $0.6 million in fourth quarter 2023 compared to third quarter 2023, due to increases in earnings on bank-owned life insurance and service charges on deposit accounts. These increases were slightly offset by a decrease in other income. Noninterest expense increased $1.7 million in fourth quarter 2023 compared to third quarter 2023, due to increases in salaries and employee benefit expenses, other expenses and occupancy expenses, slightly offset by a decrease in furniture and fixture expenses. A provision for loan losses of $2.7 million was recorded in fourth quarter 2023 compared to a $0.3 million provision for loan losses recorded in the third quarter 2023.